Sunday, Mar 07, 2010
The Debt Colossus of Rhodes
Observer: Get up earlier, Germans tell Greeks
If this open letter is not merely tabloid fantasy, then it seems Greece could be compared to certain African states. Hence its problems.
Posted by letthemfall @ 11:24 AM (2030 views) Add Comment
15 Comments
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1. icarus said...
Regarding the proposed sale of Greek islands, historic buildings etc., how do we know that Greece hasn't already packaged (with the kind help of Goldman Sachs) the expected future income from these assets into bonds which they have already sold?
2. The Baldman said...
Is gordans economic miracle much different from the Greek tragedy? We have an economy with huge debts and workers with non jobs and gold plated pensions.
3. icarus said...
According to one account, tax collection in Greece is corrupt, 95% of individual tax returns show incomes of under €30k, only a few thousand have earnings of over €100k, and many rich doctors pay little or no tax.
4. penny pound said...
The arguments put forward by this tabloid are over simplistic. It claims that since joining the euro Germany has given Greece €50bn. All countries of the club-Med got grants from EU to make their economies more competitive. Since Greece joined the EU the imports of German goods increased considerably. That surely benefited Germany. Also German and French supermarket chains, such as Aldi and Carrefour spread like wildfire to most Greek cities, whilst the less competitive Greek ones closed. That also benefited the wealthier EU countries.
It is true that Greeks working in the public sector don't do much and there are far too many of them. Nepotism is the order of the day in the public sector. In sharp contrast those working in the private sector are extremely hard working. Also, the state makes it very difficult for anyone to be entrepreneurial in Greece. Greeks do exceedingly well in countries where there are rules. That's why US has more billionaires of Greek origin than any other country. The easyJet's Stelios Haji-Ioannou and the retail entrepreneur Theo Paphitis, both from Greek Cypriots backgrounds, are two such examples in England.
5. icarus said...
penny pound 3 - Yes. If the major EU economies knew the failings of the later entrants you have to ask why they wanted them in. Those uncollected Greek taxes increase individual Greek purchasing power that is available for capture by German and French manufacturers and retailers.
6. alan_540 said...
Good luck to the Greeks in fleecing the EU for what they can I say. And then default on their debts! Just think, cheap holidays for years to come!
7. dbc reed said...
They should listen to Nana (Mouskouri) Guardian 6.iii.10."The main thing is to get everybody to pay taxes."
Gives something for those anti-tax Libertarians to think about:Greece is their can pay/won't pay system in action.
8. devo said...
once the defaults start - iceland, greece, dubai, ukraine - so will the 'fun'
9. sneaker said...
check into the work of Vladimir Bukovsky and Rodney Atkinson
then compare to this story
10. ianbe said...
Perhaps we could help the Greeks by auctioning the Elgin marbles and sending the proceeds to them.
11. rumble said...
"Gives something for those anti-tax Libertarians to think about:Greece is their can pay/won't pay system in action."
Hello?
"It is true that Greeks working in the public sector don't do much and there are far too many of them. Nepotism is the order of the day in the public sector. In sharp contrast those working in the private sector are extremely hard working."
Too much state.
12. penny pound said...
Ianbe, 9 - The Elgin marbles are not yours or England's to auction. They belong to Greece and they should be returned to the specially constructed museum, next to the Parthenon. Plundering another nation's sacred monument is not something you should make fun of.
13. titaniccaptain said...
LOL ianbe!!!!!
You could smash up the Parthenon and use the large chips of marble for jewelry for chavs with this inscription :-
"My Dad went to Greece and all I got was this priceless lousy piece of antiquity"
14. letthemfall said...
PP
No doubt you can show us the evidence.
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